Best online brokers in Spain in 2024

In the dynamic world of online trading, selecting the right broker is a pivotal decision for investors seeking success in the financial markets. Picking the best broker in Spain is not an easy task, considering the evolving landscape of online brokerage services in Spain, which offer a plethora of options to traders.

In this comprehensive guide, we compare the best investment platforms in Spain in depth. From fees to regulatory compliance, user interfaces to available trading products, join us as we assist you in making informed decisions about your investment journey.

Best brokers in Spain

Short on time? Check out our top picks for the best online brokers in Spain:

1. eToro: Best commission-free ETF investing
2. Interactive Brokers: Best online brokerage company overall
3. Scalable Capital: Best for automatic investing (Robo-advisor)
4. XTB: Best for forex
5. Saxo Bank: Best for experienced investors
6. DEGIRO: Best discount broker

One of the best trading platforms in Spain is eToro, an international online broker with over 30 million users who trade stocks, forex, commodities, cryptocurrencies, CFDs, and ETFs. It is known for its social trading feature, which allows you to copy the trades of other experienced traders. There are thousands of verified traders on eToro, and you can pick the best trader based on past Return on Investment (ROI), risk profile, or other factors.

The eToro platform gives users access to over 3,000 different financial instruments, including stocks and ETFs. Additionally, users can invest in ready-made investment portfolios (Smart Portfolios), a group of several assets or traders combined together based on a theme or strategy.

Plus, eToro offers commission-free ETF trading in Spain (other fees apply).

Opening an account and depositing is easy, and you can even try it out with virtual money (a demo account). On the downside, spreads can be high for some products.

eToro is fully regulated and supervised by top-tier regulators such as the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) in Australia. The subsidiary in Europe, formerly known as “eToro (Europe) Ltd,” is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC).

If you want to learn more, check out our eToro Review.

Another exceptional trading platform in Spain is Interactive Brokers. Founded in 1978 and publicly listed on NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker that surpassed major financial crises, showing resilience and a rigorous risk management process.

Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from +135 markets, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.

Beginners and intermediate investors have educational tools to explore, but the learning curve will be steep. Besides, customer service provides crystal clear answers to your doubts, so there is no need to go back and forth.

On the downside, Interactive Brokers’ fee structure is quite complex, the registration process is lengthy (but fully online), and the broker doesn’t offer commission-free trading. However, when considering FX fees, narrower spreads, and the stock loan program, Interactive Brokers’ clients still get significant savings compared to most brokers.

Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade stocks, ETFs, and options, ideal for beginner investors. Some features of IBKR GlobalTrader include automatic currency conversions, fractional shares, and a demo account.

Want to know more about Interactive Brokers? Check our Interactive Brokers Review.

Founded in 2014, Scalable Capital is a German fintech that offers two services: Brokerage, where you can trade shares, ETFs, funds, crypto, and derivatives and invest via a savings plan by yourself, and a Wealth Service (Robo-advisor), where you get a personalized portfolio managed by Scalable Capital.

On the brokerage side, the range of available products is considerable: 7,500+ shares, 2,400+ ETFs, 3,000+ Funds, 70+ Crypto ETPs, and 375,000+ derivatives. It offers three pricing plans: “Free broker” for €0/month; “Prime Broker” for €2.99/month and “Prime Broker Flex” for €4.99. In all of them, you have free trading in a list of “PRIME ETFs”. Commission-free trading in shares is included in the “Prime Broker” plan.

Within the Wealth Service, you will only be presented with different portfolios/strategies using ETFs. First, you need to answer a short questionnaire to access your risk profile, and then an appropriate portfolio will be set for you. Up to €100,000, you are charged an annual management fee of 0.75%. You can pay the minimum annual fee of 0.49% if you deposit over €500,000.

Scalable Capital has regulatory permission from the German Federal Financial Supervisory Authority (BaFin) to provide securities services, and it is also supervised by the German Federal Bank (Deutsche Bundesbank). As such, it is a member of the investor compensation scheme, which protects your cash (up to €100,000) and your assets (limited to 90%, up to a maximum of €20,000 per investor).

Founded in 2002, XTB is a major player in the brokerage industry with extensive worldwide experience, regulated by the Financial Conduct Authority (FCA) – plus other relevant regulatory bodies – and listed on the Warsaw Stock Exchange.

You can invest through xStation 5 and xStation Mobile in different investment products, such as stocks, ETFs, and CFDs on stocks, Forex, indices, commodities, and cryptocurrencies (this product offering may vary slightly from country to country). It offers 0% commission on stocks and ETFs, but only in some countries*. Nonetheless, all investors get a 0% commission on stock and ETF CFDs.

Opening an account and transferring money is a quick and hassle-free process. For beginners, it presents a demo account where you can trade as if it were real money to help you feel the investment platform firsthand, and you get access to educational tools. For intermediate and advanced investors, you will find plenty of technical and fundamental tools to help you better assess your investment decisions.

On November 6th, 2023, it started offering interest on uninvested cash in EUR at 3.80% in the first 90 days of opening an account and then reduced to 2%.

On the downside, you will face an inactivity fee of €10/month after one year of non-trading, and if you have not deposited in the last 90 days, it charges high commissions on CFDs of cryptocurrencies but low costs for Forex.

Want to know more about XTB? Check our XTB Review.

Launched in 1992, Saxo Bank is one of the most solid financial entities in the brokerage industry, with a proven track record of success. It lets you trade over 70,000 financial instruments through their trading platforms: SaxoTraderPRO (for PC) and SaxoTraderGO (on mobile).

The wide range of cash and margin trading products across global markets includes stocks, ETFs, bonds, mutual funds, cryptos, options, futures, CFDs, forex, and more! Saxo Bank presents its advanced research tools for “Buy and hold or trade on leverage”.

The Saxo Bank account tiers are the following:

• Classic: A minimum €2,000 deposit is required (depending on the country of residency, for Spain there is no minimum deposit requirement), giving you access to tight spreads and customer and technical support 24/5.
• Platinum: A minimum €200,000 deposit is required. In addition to Classic features, it also lowers trading prices by up to 30% and prioritizes local-language customer support.
• VIP: A minimum €1,000,000 deposit is required. Here, you will find the best prices, access to trading experts, and exclusive event invitations.

The pricing structure will vary according to your account tier. For instance, a US stock order will be 0.08% of the trade value, with a minimum of $1 in Classic. However, within the VIP tier, the same trade would be 0.03% of the trade value with the same minimum of $1. Plus, for accounts with stocks, ETFs/ETCs, or bond positions, a custody fee of up to 0.15% p.a. will apply.

The listed prices are approximate and will differ based on the resident country. For precise pricing details, refer to the platform’s trade tickets for a comprehensive overview.

Saxo Bank A/S is a fully licensed European bank under the supervision of the Danish Financial Supervisory Authority (FSA). Saxo Bank is a member of the Danish Guarantee Fund, which protects client cash deposits up to €100,000 and financial securities (stocks, ETFs,…) up to €20,000 per client.

Founded in 2013, DEGIRO is a low-cost brokerage firm that has become very popular due to its low rates! With over 2.8 million users, the innovative platform has become widely known for its “do-it-yourself” philosophy in the sense that you have everything at your disposal to start investing on your own. It offers a wide range of financial assets to trade, including stocks, ETFs, bonds, options, futures contracts, warrants, investment funds, and some leveraged products (not quite the same as CFDs. More info here).

For instance, you can trade some ETFs for a low cost (a €1.00 flat handling fee – external costs – still apply) with no minimum amount required. The web trading platform is basic, but it is efficient and straightforward to use. In a matter of minutes, you get used to it. The same applies to its mobile app. On the downside, there is an absence of significant fundamental research, a €1.00 commission for US stocks, a €2.50 connectivity fee applies, and pricing alerts are missing.

Regarding security, DEGIRO is the Dutch branch of flatexDEGIRO Bank AG (a German-regulated bank). In the unlikely event that the segregated assets cannot be returned to clients, DEGIRO falls under the German Investor Compensation Scheme, which compensates any losses from non-returned assets up to 90% (with a maximum of €20,000), so do bear this in mind if you are planning to invest much larger volumes. Furthermore, any money deposited on a DEGIRO Cash Account with flatexDEGIRO Bank AG will be guaranteed up to €100,000 under the German Deposit Guarantee Scheme.

Still any doubts? Go through our DEGIRO Review!

Which platform should you choose?

Choosing a broker in Spain depends on various factors, including your trading preferences, investment goals, and level of experience.

Consider aspects such as fees, available markets, customer service, and user-friendly platforms. It’s crucial to choose a broker that aligns with your specific needs, whether you’re a beginner looking for simplicity or an experienced trader seeking advanced features.

Additionally, check if the broker is regulated by relevant authorities for added security (like the Comisión Nacional del Mercado de Valores – CNMV, in Spain). Research and compare brokers to find the one that best suits your individual requirements.

Please note that the information provided above is not intended as investment advice and should be regarded solely as informative. Investors are encouraged to conduct their own research and due diligence to identify services and opportunities that align with their risk tolerance, expected returns, and impact strategy.

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